Sigma Additive Solutions, Inc. (NasdaqCM:SASI) signed a non-binding letter of intent to acquire 100% stake in Sigma Additive Solutions, Inc. for approximately $48 million on September 7, 2023. For the acquisition of 100% of the capital stock of NextTrip, exchanging for shares of Sigma common stock constituting 19.99% of its outstanding common stock plus additional shares of Sigma common stock upon the achievement of post-closing milestone earnouts tied to the business performance of NextTrip. The parties have agreed to value Sigma shares for this purpose at $0.40 per share, giving the total transaction a starting valuation of approximately $48 million if all milestones are earned.

The transaction, which will be subject to the negotiation and execution of a definitive agreement, will provide the opportunity for NextTrip to become a publicly traded company on Nasdaq. At closing, NextTrip CEO William Kerby is expected to become CEO of the publicly traded company and NextTrip will have the right to appoint a seat to the board. The transactions are expected to be completed in the fourth quarter of 2023, subject to the negotiation and execution of the definitive acquisition agreement, regulatory and shareholder approvals and other customary closing conditions.

Lake Street Capital Markets is acting as exclusive financial advisor to Sigma.